The reporter of Securities Daily noted that since the implementation of the new regulations on asset management, the banks financial management yield has been showing a downward trend. According to the statistics of Puyi standard, from April 2018 to November 2019, the average expected return rate of bank financial products dropped from 4.82% to 3.98%, falling for 19 consecutive months.
Specifically, according to the reporters understanding, from January to February this year, the average expected rate of return of bank financial products was still above 4%, which decreased by 0.05 percentage points to 3.96% month on month since March. In April, the average expected return rate of bank financial products fell to 3.88% and decreased by 0.08% month on month. In May, a total of 332 banks issued 6914 bank financial products. Among them, the average yield of closed expected return RMB products was 3.8%, which was 0.08% lower than the previous period, and the income reached a new low of nearly 43 months. Although Puli standard has not yet released the relevant report on bank financial products in June, according to the product income in the last week of June, the average expected yield of bank financial products has dropped to 3.77%, 0.23 percentage points lower than that in the first week of January.
Securities Daily reporter from the recent bank released product information, the same type of products of the same bank, compared with the previous period, the yield gap is more obvious. For example, the annualized yield of one-year non breakeven financial products recently launched by a bank has been reduced from 4.5% at the beginning of the year to 3.55%, a decrease of about 0.95%.
The financial managers of the above banks said that since this year, the yield of bank financial products has been showing a downward trend, and the decline is large.
- - the transformation of financial products to net value
In addition to the overall income decline of bank financial management, a number of bank financial products in the market have suffered from principal loss recently, which has aroused market attention.
According to the statistics of China financial network, as of June, more than 200 bank financial products with net value less than 1 yuan have been issued since this year, accounting for about 5% of the total number of products issued this year.
Securities Daily reporter looked at a number of bank financial products with negative net value, and found that most of the product management institutions were the first level wholly-owned subsidiaries of the bank, and most of the products belonged to the R2 level, that is, stable and low-risk, and most of them were products issued by bank financing and financing subsidiaries.
In the view of industry insiders, the main reason for the loss of bank financial management is that more and more financial products have been converted to net value due to the breaking of the provisions of the new asset management regulations and the requirement of net value management. It is normal for the Income Fluctuation of net value products.
Yin Yanmin, an analyst at rong360 big data research institute, pointed out that in the future, the net value products with non breakeven floating income will become the mainstream of bank financial products. The rate of return displayed by the bank to customers is also the performance comparison benchmark, rather than the rate of return that the bank will pay to customers when it matures. In the investment process, the product income will be subject to the trend of investment targets and the banks asset management investment strategy As a result, for investors, break the rigid exchange is no longer a slogan, it will happen.
Since the beginning of this year, the transformation pace of bank financial net value has been accelerating. According to the requirements of the new asset management regulations, the principal guaranteed financial products will gradually withdraw from the market by the end of 2020, and the net value financial products will become the development direction of bank financial management.
According to the standard data of Puyi, by the end of the first quarter of 2020, the balance of non breakeven financial products of banks was about 24.4 trillion yuan, and the remaining balance of net worth products was about 12.54 trillion yuan. The proportion of the balance of net worth products has increased greatly from 15% before the new regulation to 51.4% at present, and the product structure has changed significantly. In terms of types of banks, the process of net worth transformation of national banks has accelerated quarter by quarter, and has always maintained a leading position. The proportion of the remaining balance of net worth products in non breakeven financial management has increased from 36.7% in the second quarter of 2019 to 52.45% in the first quarter of 2020.
Source: Securities daily.com Author: Peng Yan editor: Wang Xiaowu_ NF